Oil Prices Week Ahead: Hormuz Threat Keeps Brent Rally Alive as $120 Looms
Brent crude closed at $112.19 a barrel Friday, its highest since July 2022, after President Trump threatened strikes on Iran unless it reopens the Strait of Hormuz. Iran responded with threats against Gulf infrastructure. Iraq declared force majeure on foreign-operated oilfields. Traders and analysts expect continued supply disruptions and further price increases as Asian refiners cut processing rates.